SAP expects to lay off approximately 3,000 employees worldwide this year. As a result, the German software company has joined the latest round of layoffs in the tech industry. Around 2.5 percent of the workforce will be affected by the restructuring. A sale of US subsidiary Qualtrics is also being considered.
SAP, the German software company, finished the fiscal year 2022 with a strong fourth quarter and met its targets. This is revealed in the company’s most recent quarterly report. As a result, earnings before interest and taxes fell by 2% last year to around eight billion euros.
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SAP intends to lay off approximately 3,000 workers in order to continue growing.
At the same time, sales increased by around 11%, to nearly 31 billion euros. This is due in part to the rapid growth of the cloud software sector. The SAP board of directors is now aiming for “accelerated revenue growth and double-digit growth in operating profit” for the fiscal year 2023.
According to CEO Christian Klein, the company intends to focus on traditional growth areas in the coming years. This is especially true for the company’s in-house enterprise resource planning software (ERP), which also serves as its main product line.
Sale of US subsidiary Qualtrics
Meanwhile, ERP systems are all-in-one tools that businesses can use to manage their human resources, purchasing, invoicing, and bookkeeping, among other things, and are now available in the cloud. Despite a positive fiscal year in 2022, SAP may be forced to cut jobs, according to Bloomberg.
The context is thus primarily the prospects for the fiscal year 2023 and the targeted growth. As part of a restructuring, approximately 3,000 employees will be let go in order to save money. Around 200 employees are said to be affected in Germany.